Here’s a rundown of what everyone was paying attention to on the markets this week:
- The pound sterling (£) extends its downward slide, losing about 3.5% of its value against the dollar in the space of 2 weeks.
- Like its American counterparts, the benchmark German DAX stock index has seen the “Death Cross” formation that signals a long-term bear market.
- China’s army is getting leaner and more efficient thanks to sweeping reforms to the People’s Liberation Army and the Chinese military at large.
- Wages surprisingly rise in Japan during July, advancing at their fastest pace in a decade.
- Vice President Joe Biden is still mulling over the benefits and drawbacks of launching a presidential run for the Democratic nomination.
- Crude oil prices surged back this week, but still remain weak, with Brent crude right at $50 per barrel on Friday afternoon.
Remember, U.S. markets will be closed on Monday for the Labor Day holiday. Enjoy the long weekend!